SoundHound AI (NASDAQ:SOUN) Trading 6.6% Higher – Still a Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price was up 6.6% during trading on Wednesday . The company traded as high as $9.44 and last traded at $9.10. Approximately 15,731,668 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 41,961,912 shares. The stock had previously closed at $8.54.

Wall Street Analyst Weigh In

A number of equities analysts have commented on SOUN shares. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Wedbush boosted their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Northland Securities boosted their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 14th. DA Davidson boosted their target price on SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Finally, HC Wainwright restated a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research report on Monday, March 3rd. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, SoundHound AI has an average rating of “Hold” and a consensus price target of $12.86.

SoundHound AI Stock Up 7.8 %

The business has a fifty day moving average of $13.05 and a 200 day moving average of $10.15. The firm has a market cap of $3.78 billion, a P/E ratio of -26.81 and a beta of 2.62. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). The company had revenue of $34.54 million during the quarter, compared to the consensus estimate of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. On average, equities research analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity at SoundHound AI

In other SoundHound AI news, Director Lawrence Marcus sold 20,000 shares of the stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $20.47, for a total value of $409,400.00. Following the completion of the sale, the director now directly owns 108,117 shares in the company, valued at $2,213,154.99. This represents a 15.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Michael Zagorsek sold 277,813 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total value of $5,903,526.25. Following the completion of the sale, the chief operating officer now owns 1,473,322 shares of the company’s stock, valued at $31,308,092.50. This trade represents a 15.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 999,777 shares of company stock worth $20,062,443. 12.28% of the stock is owned by insiders.

Institutional Investors Weigh In On SoundHound AI

Several large investors have recently modified their holdings of the business. B. Riley Wealth Advisors Inc. bought a new stake in shares of SoundHound AI in the fourth quarter worth about $544,000. United Advisor Group LLC bought a new stake in shares of SoundHound AI in the fourth quarter worth about $379,000. Mackenzie Financial Corp increased its holdings in shares of SoundHound AI by 14.5% in the fourth quarter. Mackenzie Financial Corp now owns 20,831 shares of the company’s stock worth $413,000 after acquiring an additional 2,643 shares in the last quarter. Sunbelt Securities Inc. boosted its position in shares of SoundHound AI by 153.1% during the fourth quarter. Sunbelt Securities Inc. now owns 4,555 shares of the company’s stock worth $90,000 after buying an additional 2,755 shares during the period. Finally, Fourth Dimension Wealth LLC acquired a new position in shares of SoundHound AI during the fourth quarter worth about $88,000. 19.28% of the stock is currently owned by institutional investors.

About SoundHound AI

SoundHound AI, Inc develops independent voice artificial intelligence (AI) solutions that enables businesses across automotive, TV, and IoT, and to customer service industries to deliver high-quality conversational experiences to their customers. Its products include Houndify platform that offers a suite of Houndify tools to help brands build conversational voice assistants, such as Application Programming Interfaces (API) for text and voice queries, support for custom commands, extensive library of content domains, inclusive software development kit platforms, collaboration capabilities, diagnostic tools, and built-in analytics; SoundHound Chat AI that integrates with knowledge domains, pulling real-time data like weather, sports, stocks, flight status, and restaurants; and SoundHound Smart Answering is built to offer customer establishments custom AI-powered voice assistant.